Virgin Atlantic Reports Losses
British airline Virgin Atlantic swung to a full-year loss as higher fuel costs and tough economic conditions took their toll, it said today
The carrier, founded by serial entrepreneur Richard Branson, posted a pretax operating loss of £80.2m in the year to the end of February compared to a profit of £18.5m in 2010/11.
The airline, part owned by Singapore Airlines, said revenues grew 3 per cent to £2.74bn though fuel costs rose a third.
Virgin's passenger numbers rose 2 per cent to 5.4m during the year and its load factor - a measure of how full its planes were - came in at 78 per cent.
Source: City A.M. Read full article. (link)
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